Air travel prices likely to get worse in coming weeks, Chevron CEO says
Summary
Chevron's CEO said airline ticket prices may rise and flights could be reduced soon because of higher fuel costs linked to tensions with Iran. Jet fuel supplies are getting tighter, especially in Europe and Asia, which is causing airlines to change their flight schedules and increase fares.Key Facts
- Chevron’s CEO Mike Wirth warned that airline fares might go up in the coming weeks.
- The fuel price rise is related to the conflict with Iran near the Strait of Hormuz.
- Jet fuel is becoming scarce quickly in Europe and Asia.
- Airlines are cutting some flight routes and charging more for checked bags.
- U.S. airlines are better off since the U.S. produces its own jet fuel.
- Jet fuel prices in North America have increased by more than 80% compared to last year.
- Gasoline prices nationwide averaged $4.03 per gallon, nearly $1 more than a year ago.
- Diesel prices have risen faster than regular gasoline, now at $5.47 per gallon.
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